First Bank records 100m e-banking transactions

most valuable bank brand,
First Bank, has been officially
recognised as the first financial
institution in the country to
achieve a transaction volume
of 100 million transactions
in a month by Interswitch
Transnational. Africa’s
leading integrated payment
and transaction processing
company.
This feat was achieved
in the month of December
2015 and represents the
total transactions processed
by First Bank’s Front End
Processor running on the
Interswitch transaction
Stories by
Kehinde Ibrahim, Lagos
switching platform which
seamlessly links all financial
institutions in Nigeria to
facilitate better and quicker
transactions across all
platforms.
As Nigeria’s leading
financial institution with
over 10 million customers,
this achievement by First
Bank clearly aligns with its strategic intent to promote
financial inclusion, support
the cashless policy drive of the
Central Bank of Nigeria and
boost economic growth via
e-payments across Nigeria and
the African continent.
According to the bank’s
Group Head, e-business,
Chuma Ezirim, First Bank
remains committed to lead the
drive to move the Nigerian
economy away from traditional
cash and other generic payment
means to modern technological
varieties in e-Payment.
Reacting to the development,
Divisional CEO, Switching
and Processing, Interswitch,
Akeem Lawal commented, “It
really says something about
the strength and development
of electronic transactions in
Nigeria that a single banking
partner can record 100 million
transactions in a single month.
When you add this figure to
that of our other partners, then
you can begin to have an idea of
the sheer size and demand for
electronic financial services in
Nigeria.”
Also speaking, the GMD/
CEO of First Bank, Dr. Adesola
Adeduntan, noted that the
bank will continue to employ
novel approaches in providing
secure and convenient banking
services for our customers and
promised to drive innovation
and extend its leadership of the
financial sector services with
specialized and technologydriven
products and services.
“First Bank’s investment
in e-business reflects our
commitment to promoting
financial inclusion which is
widely regarded as a lever for
sustainable economic growth
and development as well as
enhancing entrepreneurship.
Our passion to serve and extend
financial services to the unbanked
has since inspired several
innovations and we thank our
esteemed customers for their
continued patronage and trust in
our services whilst dedicating the
recognition to them”.
It would be recalled that First
Bank in 2012, also received a
Milestone Achievement Award
as the first bank to hit a five
million mark of Verve card
issuance to its customers